The Philippine Economic Zone Authority said it generated P10.8 billion worth of investments during the 2023 Philippine Economic Forum.
PEZA director-general Tereso Panga said four Japanese companies pledged to invest additional capital to expand their operations in the Philippines. The new investments will come from TDK Corp. which has committed to invest P7.2 billion; Taiyo Yuden, P 1.6 billion; Terumo Corp., P 1 billion; and Almex Technologies, P1 billion.
“PEZA will make sure that the country is ready to receive these investments as we have a small window to get the manufacturing of new high-tech products into the Philippines given the competitiveness of the industry,” Panga said.
He said 2023 is seeing a marked increase in expansion plans by existing locators to address the projected demand in electronics due to the rise of the electric vehicle industry and steady technological advancements in the downsizing of gadgets and their parts.
Panga said Taiyo Yuden’s newly patented product metal power inductor is manufactured in the Philippines from a facility in Cebu, its first manufacturing site outside Japan. The new product is the world’s first multilayer-type metal power inductor with the latest multilayer technology and unique metal material characteristics. Othel V. Campos